Investors digest CPI data, the first of two inflation reports, bank stocks rebound after the Silicon Valley Bank driven selloff, United Airlines and Delta give mixed forecasts. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
confirmed widely speculated reports that layoffs will increase as CEO Mark Zuckerberg wrote to employees and the investor community on Tuesday about what he coined the company's"year of efficiency"...
"Our efficiency work has several parallel workstreams to improve organizational efficiency, dramatically increase developer productivity and tooling, optimize distributed work, garbage collect unnecessary processes, and more. I’ve tried to be open about all the work that’s underway, and while I know many of you are energized by this, I also recognize that the idea of upcoming org changes creates uncertainty and stress.
"Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired" said Zuckerberg.
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